Writer: CHARLIE FLETCHER
The real estate industry has changed significantly over the last couple of decades. Online tools and platforms have enabled agents to reach wider audiences and even engage with truly global marketplaces.
There are also various technological components that continue to boost elements such as administration, market research, and viewings.
It’s important not to be left behind in this technological evolution. Having a good understanding of what the current innovations are and how they can help your business can give you a competitive edge.
Artificial Intelligence
Artificial intelligence (AI) is getting a lot of attention as of late. While opinions are understandably divided, it’s worth exploring how mindful application of AI-driven tools can empower you as a real estate agent. These aren’t platforms that can or should replace your talents as a professional. However, there are ways they can augment your business practices to improve efficiency and accuracy.
The primary ways in which AI is impacting real estate at the moment relate to its data analytics potential. When provided with accurate and unbiased information on local and national markets, AI-driven software can use machine learning algorithms to make nuanced forecasts about oncoming market phases.
Similar tools are also being used to review data on sales histories and property features to offer insights into likely property prices. These elements help you to provide well-informed advice to buyers and sellers on strategic actions and investments.
In addition, AI can be a powerful tool for helping you handle customer service elements. Website chatbots have become increasingly accessible as of late.
These AI-driven tools can be programmed with elements such as basic real estate advice, frequently asked questions, and even current property portfolio data. They can then operate as the first line of contact for buyers or sellers, swiftly providing them with the information they need, leaving you to focus on more complex interactions.
The Internet of Things
The Internet of Things (IoT) has become a more prevalent part of the real estate landscape over the past decade. This relates to the ecosystem of connected smart devices that collect, share, and interact with various types of data. These tools help power everything from smart homes to effective marketing processes. As a result, it’s important to understand how you can utilize them to boost your real estate agency’s success.
Firstly, if your agency also handles property management, installing smart devices around properties can be wise. This can include security cameras, lighting sensors, thermostats, and moisture detectors, among other elements.
These tools provide your agency with real-time data on the current condition of properties and can promote more energy-efficient tenancies. As a result, you can respond more effectively to maintenance needs and boost client confidence in your services. This can not only result in overhead savings, but it can boost your reputation among tenants.
Importantly, the IoT can assist you in gathering vital insights on market needs. As a real estate agent, running a business event can enable you to gain invaluable data you can leverage to improve your services. This could include the demographics of those most interested in your services, consumer feedback, and potential client contact information, among other aspects. However, it’s vital to use effective methods to collect, handle, and assess this data.
As a result, you should consider populating open houses and other events with IoT devices. This could include tablets that offer surveys and contact forms. Activity-tracking wristbands can also register data on displays and other elements attendees interact with. Combined with reliable analytics software, you can use this information to influence your marketing, services, and other operational elements.
Extended Reality
Extended reality (XR) has gradually entered commercial spaces in recent years. It relates to tools that enable consumers and staff to use a combination of virtual reality (VR), augmented reality (AR), and mixed reality (MR) in their activities. While this may seem like advanced tech, the continued rise of the digital landscape ensures XR is now accessible and practical for real estate agents.
Your ability to engage with buyers that are in other states or other countries can influence the success and growth of your agency. Indeed, online real estate sales are on the rise.
One way to do this is by offering VR tours to more distant clients. In most cases, the main piece of equipment needed for this is a 360 camera, which allows you to go through properties and take images that cover all angles. You can then host these components on your website and direct users to either view them in a browser or get a truly immersive experience using a VR headset.
For buyers who are able to visit in person, AR and MR tools can be vital for properties that are currently still in development. Design staging applications enable users to hold up their phones in certain areas of a property under development and see design mockups for the finished interior. Similar staging apps can also be used with VR headsets so that buyers can physically walk through the buildings and see 3D simulations of the intended finished designs.
This can give them a taste of how they could live in the property, rather than simply seeing a work-in-progress.
Conclusion
Advanced technology can help your real estate business to thrive. AI analytics platforms enable you to gain more accurate market forecasts and property valuations.
Tools in the IoT can help you gather invaluable data and streamline the management of rental properties. In addition, XR tech offers opportunities for immersive tours.
However, it’s important to remember that these tech tools are only as useful as your understanding of their functions. It’s wise to consider investing in regular training on the latest platforms and equipment. This enables you to utilize them in effective and potentially innovative ways.
[Feature Image Source: Pexels]
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